To set any new venture or expand an existing one, preparing a business plan has the highest priority. this plan
must include your short and long term goals for the venture, a description of the products or services you will offer and the market opportunities you have anticipated for them; and finally, an explanation of the resources and means, you will use to achieve your goals despite having to deal with likely competition.Listed below are the steps you should follow in preparing your business plan
Identify your goals
Before starting the journey, you should know who will read the plan, what they already know about your company and business, what they want to know bout your company, and how they want to use the information they will find in the plan. combine what your target audience should know what you want them to know. now you are ready to begin writing a useful business plan.
Prepare a preliminary version of your business plan
After defining objectives for your business plan, and you know the most important parts you want to focus on, you should prepare an outline based on these essentials. The outline can be as general or detailed as you wish, but the detailed one helps you more while writing your business plan.
Review your preliminary versionReview your preliminary version to identify the parts that, based on your readers and objectives should be presented in detail or summary form in your business plan. Keep in mind that your business plan should describe your company at a high level and that extremely detailed description is not necessary and would be mostly avoided. However, you must be prepared to provide detailed support for your statements and assumptions apart from your business plan if necessary.
Write your planYou will probably find it necessary to research many areas before you have enough information to define the order in which the specific elements of the plan are developed and to write about them. Most people begin by collecting historical financial
information about their company and/or industry and completing their market research before beginning to write any part of their plan. Even though you may do extensive research before you begin to develop your plan, you may find that additional research is required before
you complete it. take time and energy to complete the required research because the analysis and findings of your research will be the base for many of the presumptions and strategies described in the plan.After the basic financial and market research and analysis are completed you should prepare Initial drafts of prospective financial statements which help you understand if these strategies will work or not. As you develop your prospective statements, keep detailed notes on the assumptions you make to facilitate preparation of the footnotes that must accompany the statements.
Executive Summary is the last element of a business plan to be prepared. because it is a summary of the plan, its contents depend on the rest of the document, and it cannot be written properly until the other parts of the plan are complete.
To find data to support your business plan read this post!
Review your planOnce you have completed and reviewed a draft of your plan, have someone familiar with business management and the planning process review it for completeness (by referring to the outline in this publication), objectivity, logic, presentation, and effectiveness of communications tool. Then, modify your plan based on your reviewer’s comments.Once you have completed and reviewed a draft of your plan, have someone familiar with business management and the planning process review it for completeness, objectivity, logic, presentation, and effectiveness of communications tool. Then, make some changes based on your reviewer’s comments.
Update your planAs business climate and those of your readers change over time, BUSINESS PLANS should be periodically updated to reflect these changes.
You should know that your business plan will serve as a blueprint which improves your chances of reaching your destination.
To prepare a winning business plan which makes a positive first impression and will build a lasting trust, you will need an expert help you.we specialize in start-up services, registering the company, consultancy, and business planning.
Over the last decade, we have launched more than 3000 companies and have helped numerous entrepreneurs to establish and develop their businesses across Europe and in particular in the UK.